This is a mass panic trade, and will be GTC, no more than 3% of portfolio allocated trade. Key things to remember in this environment is preservation of capital. If the SPX fails all the way to 1338 tomorrow, I imagine the FAS will follow all the way down to 85 and below, and trigger this trade execution. This is a pure speculative play, but reasonable trade, with the small amount of money at play here.
Risk is 135 per contract spread
Reward possible is 365 per contract spread
5 / 1.35 = 370 % possible gain.
Whatever sell off happens tomorrow in the am will most likely be met with strong support levels, and maybe, just maybe get the usual choppy trend back up.
I have a backup plan as well. If FAS slices through 85 and gets to 80 by Monday, I will seriously look into selling a few out of the money 75-72 May19 Bull Put Credit spread for approximately 1.00 credit to recoup most of the 1.35 cost as well.

Order Details

You are entering a spread.
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 5 FAS Call FAS May 19 2012 88.00 Call Debit 1.35 Good Til Cancel
Leg 2 Sell to Open 5 FAS Call FAS May 19 2012 93.00 Call